You mention the company as having delivered good growth in...

You mention the company as having delivered good growth in revenue and EBITDA, and a quick look at their quarterly reports does confirm those trends going back 2 years. But the thing that really concerns me is that the revenue and EBITDA numbers are not clearly any higher than what you would expect by adding those from the individual companies. TNT certainly make a big point to claim that they have demonstrated, and are demonstrating, organic growth, yet I'm not seeing it. Take the annual EBITDA as an example. The combined EBITDA's (according to TNT's own numbers at the time the companies were acquired), now amount to approx $20m-$25m, whereas last FY it was ~$16.3m. Similar story for revenue. Something here just doesn't add up.

All IMHO, DYOR